The C-Steel project presented by Laura is innovative and requires a unique approach to production, which can become a complication in its implementation. However, it takes three years for the project to pay off, which indicates this activity area well. Moreover, according to the company’s forecasts, steel production using this technology will bring a 20 percent annual return on investment over the next ten years. However, from the significant disadvantages of the project, it should be noted that it will deplete the company’s budget more than it is now by 30 percent throughout the entire payback period. This is an increased degree of risk in this situation, which is accompanied by additional budget spending. By the end of the year, the project’s profit margin should exceed 14 percent, and at present, Mark considers the project’s performance to be negligible. This opinion can interfere with the implementation, as the director appreciates his opinion and listens. In this regard, the C-Steel project needs a clever promotion strategy to ensure its implementation progress.
Raising Laura’s reputation will be essential to making a successful presentation and reaching out to all directors. To do this, it is necessary to identify the problem of which there may be a significant difference in experience in this company. Therefore, the directors do not trust her because they have a set working order, and Laura is a new element in that system (Ramón-Llorens et al., 2019). Thus, it is extremely important to fully integrate into the team in order to understand how corporate ethics works in this company. This can help Laura figure out what behavior patterns and styles of product ads are best for a Friday presentation. Based on this, it can be assumed that the right way to gain trust and increase reputation will be to consider all stakeholders’ opinions.
For a complete and comprehensive solution of problems with all parties who do not want the implementation of the project, one should refer to their claims. The involvement of stakeholders will help to better take into account all their wishes and thus eliminate the persons hindering the progress of the project who are now dissatisfied with the possible results (Tereso et al., 2019). One of the opponents of the allocation of budgetary funds is Mark, and, accordingly, Laura must provide him with a strategy for the C-Steel project, according to which it will be able to start paying off without significant drawdowns during this period. The plan should include a breakdown of annual costs, projected revenues, and potential cash flows over the payback period of the project.
The next step is to address the concerns of James Stanley, head of research and development. He is worried that outside specialists will be involved in the development of the project, which will complicate the process. In this case, Laura needs to provide such a workflow where third-party specialists will be invited only for the development of parts in which the department lacks experience (Scherer & Voegtlin, 2020). An alternative way to solve the problem is to organize advanced training for current employees. Thus, they will be able to cope with the new technological process themselves without involving external technicians in this process.
Sam Bashir voiced the following concerns, and they relate to the fact that he believes that the new production technology is too risky. In order to avoid problems that arise from Sam’s refusal to approve the project, Laura will need to develop a risk matrix that will clearly show what problems may arise and how they can be solved. Thus, it will allow influence Sam’s negative opinion about the C-Steel project. Demonstrating that the risks involved in a project are not significant can spur the VP of Operations into a more objective review of the plan (Ain et al., 2021). Another concern comes from Vice President of Legal Affairs David Anderson. He is confident that building and investing in a standard steel mill will be a much safer investment that will pay off much sooner and bring guaranteed returns. However, this person’s opinion is still unstable and can be persuaded by presenting a detailed analysis plan that will outline the situation from a legal perspective. It should also include the legal risks and implications of possible decisions that David may be concerned about. By studying them in detail and presenting a strategy for preventive counteraction to threats, David can be persuaded to support the project.
Thus, the maximum approval strategy for the C-Steel project should include all stakeholders. Only in this way will it be possible to achieve the best results after the conference. Laura will have to come up with a detailed plan for each of the issues that all VPs have voiced. This will take a significant amount of time, however, with proper presentation and appeal to each stakeholder. The overall tone of the presentation at the Friday meeting should be restrained and respectful. It is crucial to take into account when advertising the project that Laura has worked in the company for less time than all vice directors. This may be one of the problems associated with their distrust of her. More experienced employees who have spent more than a decade in the organization managed to form a precise model of behavior that suits them (Scherer & Voegtlin, 2020). Accordingly, any proposed innovation will always be rejected due to the fact that change is an uncomfortable ground to which they are not accustomed. In this regard, it is essential at the presentation to convince each vice president that, for them, the situation will remain the same as it was before the project. At the same time, the company’s total revenue will only grow, which will lead to more successful indicators.
In the context of the analysis of the political situation in the company, it is essential to note that Laura has publicly stated her goals to remain in the company as vice president of marketing. Her condition is implementing the C-Steel project because otherwise, she sees no prospects in this organization. Thus, we can say that Laura is personally interested in the successful implementation of the project. At the same time, she has a conflict with Mark and Sam since they are categorically against the project. Thus, a conflict situation between three departments can develop in a company. In addition, Laura knows that she is not fully trusted in organizing, which may influence her decisions. Thus, there is the dynamic power in the company, so the heads of departments can have different levels of control (Suman & Singh, 2021). The CEO also values Mark and Sam’s opinions, a testament to their strong position in the organization. Thus, the political situation in the company is multifaceted and requires intelligent analysis to find the right strategy to promote the project.
Laura is ready to remain VP of Marketing for another five years if the project is approved. This indicates that she is an ambitious person and is ready to defend her strategies. Therefore, in the presentation, it will be essential to pay more attention to convincing Mark and Sam since Laura has the worst relationship with them. This, in turn, harms her promotion of strategy and prevents her from gaining the council’s full support. As a compromise, in order to satisfy all parties involved in the discussions, it is possible to propose on the board to cancel the Tensil Strength project previously also proposed by Laura. However, this could damage her relationship with James Stanley, as he helped develop the project. Thus, it is better for Laura not to sacrifice her reputation with such an ally and try to implement the Tensil Strength project first and then C-Steel. This will allow her to gain the trust of some employees if successful. After that, it will be easier to get directors to believe in the success of another project.
In conclusion, it is important to say that Laura should influence the opinion of the chief director after she convinces Mark and Sam. This is due to the fact that the director always listens to their advice, and if they are opposed to the C-Steel project, they will not be able to get its implementation. In addition, an important strategic decision for Friday’s presentation will be to address all the claims that Laura’s colleagues have put forward. Thus, taking into account the opinion of all stakeholders and solving the problematic points that they have identified, it can be possible to establish more productive communication. It is also essential to consider all possible compromises and opinions if they do not damage relations with other employees.
References
Ain, Q. U., Yuan, X., Javaid, H. M., Usman, M., & Haris, M. (2021). Female directors and agency costs: Evidence from Chinese listed firms. International Journal of Emerging Markets, 16(8), 1604-1633. Web.
Ramón-Llorens, M. C., García-Meca, E., & Pucheta-Martínez, M. C. (2019). The role of human and social board capital in driving CSR reporting. Long Range Planning, 52(6). Web.
Scherer, A. G., & Voegtlin, C. (2020). Corporate governance for responsible innovation: Approaches to corporate governance and their implications for sustainable development. Academy of Management Perspectives, 34(2), 182-208. Web.
Suman, S., & Singh, S. (2021). Corporate governance mechanisms and corporate investments: Evidence from India. International Journal of Productivity and Performance Management, 70(3), 635-656. Web.
Tereso, A., Ribeiro, P., Fernandes, G., Loureiro, I., & Ferreira, M. (2019). Project management practices in private organizations. Project Management Journal, 50(1), 6-22. Web.